If it helps this appeared in May in the AFR...acquisition of...

If it helps this appeared in May in the AFR...acquisition of Aditya Burla copper mine

7^th May
Metals X spin-off could make miner shine bright
  Taking stock
  Tess Ingram
Despite a growing gold division that delivers the bulk of its earnings and cash flow, shares in Perth-based miner Metals X haven’t enjoyed the same lift as other ASX gold stocks.
   But a change in fortunes could be on the horizon for it, analysts suggest.
   As well as its gold assets, the diversified miner is the country’s largest tin producer and holds a number of base metals development projects.
   But it is the acquisitive company’s most recent play for poorly performing copper producer Aditya Birla Minerals (ABY) that could set it down a new path.
   Six months since launching an allscrip takeover offer for ABY, the target’s controlling shareholder, India’s Hindalco Industries with a 51 per cent interest, conditionally agreed to accept a sweetened cash and scrip offer.
   With Metals X already holding 30 per cent of ABY, Hindalco’s acceptance would deliver it over 80 per cent.
   Somers and Partners analyst Duncan Hughes said the deal, which values ABY at about $100 million, essentially acquires the company for cash and working capital, with its Nifty copper mine, which he values at $134 million, ‘‘coming for free’’.
   The acquisition also presents the company’s management, which has previously said it would consider separating its gold and base metals divisions, with an opportunity to join in on the market’s gold rush.
   ‘‘A spin-out of the purely gold assets to a pure gold vehicle would likely   attract this gold premium and realise value for shareholders,’’ Mr Hughes said in April research. ‘‘In our view, now that the company has an operating copper asset to complement its operating tin asset, the base metals business and the gold business could operate independently of each other as separate businesses and achieve greater combined market valuations than the current diversified miner.’’
   Bell Potter analyst Peter Arden said Metals X was ‘‘overdue for some ‘catchup’ re-rating by the market’’.
   ‘‘We believe the Metals X share price has been held back by the uncertainty over its offer for ABY but that now that that uncertainty seems to have been largely removed by the resolution with Hindalco, the Metals X share price should be re-rated.’’